Dublin Economic Monitor

Third Quarterly 'Dublin Economic Monitor' Launched 23rd October 2015

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The third Dublin Economic Monitor was launched on 23rd October 2015. A joint initiative between the four Dublin local authorities, the Dublin Economic Monitor looks exclusively at the Dublin region and tracks 15 key economic indicators. It follows on from the Quarter 1 Monitor launched earlier in April and the Quarter 2 in July, and captures data from the height of the boom to the economic crash and the subsequent recovery.

Most of these indicators show that Dublin is recovering strongly and a highlight in the latest figures is that there are increasing challenges in the area of housing supply.

The decision to commission the Dublin Economic Monitor reflects the enhanced role of local authorities in the area of economic development and enterprise support, in line with the local government reform programme.

Facts This Quarter

Employment: Unemployment rates in Dublin fell rapidly in Q2 2015. The current unemployment rate in Dublin is 8.1%.

Housing: Residential rents for Dublin houses and apartments increased for a 9th consecutive quarter. Supply shortages continued to affect the market, and house completions remained weak with just over 1,500 completions in the first half of 2015. However planning permission has been granted for some 7260 residential units in Fingal, an increase of 37% since 2012, with 43 construction sites active around the county.

Airport Arrivals: Passenger arrivals at Dublin Airport, a significant economic hub in Fingal, recorded strong growth in the first half of 2015 with over 6 million arrivals over the period (seasonally adjusted).

Car Licensing: New cars licensed in Dublin in August 2015 were one-fifth higher than for the same period in 2014.

Consumer Sentiment: KBC/ESRI Dublin Consumer Sentiment in Dublin weakened somewhat in Q3 2015 from the record high in the previous quarter as consumers expressed caution around big-ticket purchases and the jobs market.

Business Output: MARKIT Dublin PMI data showed continued strong growth across the board in Q3 2015, with improved business confidence and greater workloads boosting employment.

Fingal has consistently had one of the highest levels of economically active adults. We have the second lowest unemployment rate in the country and the highest labour force participation rate at 68.4%.